Comments on: Five years, six property markets, mixed fortunes http://www.ronanlyons.com/2009/05/20/five-years-six-property-markets/ Irish Economy | World Economy | Property Market | Economic Analysis | Ronan Lyons Fri, 27 Jan 2012 13:32:43 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: James http://www.ronanlyons.com/2009/05/20/five-years-six-property-markets/comment-page-1/#comment-754 James Thu, 23 Jul 2009 15:09:54 +0000 http://ronanlyons.wordpress.com/?p=367#comment-754 Developer madness. Living in a small town in the midlands I witnessed the proliforation of badly planned and now empty or half estates in the area. Given that the town has little to offer in the way of employment it strikes me as delusionary for banks to have sanction such developments and to give such obscene amounts of money to a motley crew of bandwagon blocklayers, plasterers and plumbers. Be that as it may, the delusion continue, as these houses now lying empty and falling into disrepair still take pride of place in local estate agents windows for undisclosed amounts of money. Given that these houses will never make it into NAMA and will not be sold for many years, I wonder what the reprecussions are for the towns that accomodate them and the people who tried to develop them. Developer madness.
Living in a small town in the midlands I witnessed the proliforation of badly planned and now empty or half estates in the area.
Given that the town has little to offer in the way of employment it strikes me as delusionary for banks to have sanction such developments and to give such obscene amounts of money to a motley crew of bandwagon blocklayers, plasterers and plumbers.
Be that as it may, the delusion continue, as these houses now lying empty and falling into disrepair still take pride of place in local estate agents windows for undisclosed amounts of money.
Given that these houses will never make it into NAMA and will not be sold for many years, I wonder what the reprecussions are for the towns that accomodate them and the people who tried to develop them.

]]> By: Stephen http://www.ronanlyons.com/2009/05/20/five-years-six-property-markets/comment-page-1/#comment-316 Stephen Sat, 23 May 2009 09:32:23 +0000 http://ronanlyons.wordpress.com/?p=367#comment-316 While I agree mainly with your methods, when you add Detroit to the mix it's a bit of comparing apples and oranges. Those prices will only be for inner city Detroit, which for all intents and purposes is a failed city. It is on a downward spiral and should basically be bulldozed. Parts of Buffalo and Pittsburgh are the same, where you can pick up a house for less than $10,000. The suburbs of Detroit will be a completely different story, and I'm sure house prices in the suburbs wouldn't show such a huge decline. Nobody with a job would ever live in inner city Detroit....too many drugs, gangs, and shootings. Doesn't matter how cheap the houses are, you just can't live there. Dublin on the other hand (I live in North Co. Dublin) has been overpriced for a long time....people got too greedy and now they are paying the price for it. Personally, I see a couple more years of downward house prices in Ireland, mainly because there's very few out there who can get a mortgage large enough to buy the average house on the average salary. For now I'm renting. While I agree mainly with your methods, when you add Detroit to the mix it’s a bit of comparing apples and oranges.

Those prices will only be for inner city Detroit, which for all intents and purposes is a failed city. It is on a downward spiral and should basically be bulldozed. Parts of Buffalo and Pittsburgh are the same, where you can pick up a house for less than $10,000. The suburbs of Detroit will be a completely different story, and I’m sure house prices in the suburbs wouldn’t show such a huge decline. Nobody with a job would ever live in inner city Detroit….too many drugs, gangs, and shootings. Doesn’t matter how cheap the houses are, you just can’t live there.

Dublin on the other hand (I live in North Co. Dublin) has been overpriced for a long time….people got too greedy and now they are paying the price for it. Personally, I see a couple more years of downward house prices in Ireland, mainly because there’s very few out there who can get a mortgage large enough to buy the average house on the average salary. For now I’m renting.

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